How to Close an LIC Policy Before Maturity
Total the amount of premiums you've paid and for how long.. Find 30 percent of your paid premiums minus the first year.. Determine if you're entitled to any additional payment.
Steps
1
Total the amount of premiums you've paid and for how long.
Total the amount of premiums you've paid and for how long.
2
Find 30 percent of your paid premiums minus the first year.
Find 30 percent of your paid premiums minus the first year.
3
Determine if you're entitled to any additional payment.
Determine if you're entitled to any additional payment.
4
Subtract any loans from your total surrender value.
Subtract any loans from your total surrender value.
5
Complete an application for surrender value.
Complete an application for surrender value.
6
Gather supporting documents for your application.
Gather supporting documents for your application.
7
Sign your application before a Gazetted officer.
Sign your application before a Gazetted officer.
8
Submit your application to the LIC branch where you bought your policy.
Submit your application to the LIC branch where you bought your policy.
9
Confirm transfer of funds to your bank.
Confirm transfer of funds to your bank.
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